Carmelo Anthony has decided to opt out of the final year of his contract with the New York Knicks and become an unrestricted free agent, according to multiple sources.

Anthony has until Monday to officially inform the team of his plans.

Knicks president Phil Jackson said recently that he hoped Anthony would consider opting into the final year of his contract and testing free agency in the summer of 2015. Jackson has privately expressed that hope to Anthony several times since the end of the regular season.

The Chicago Bulls are one of several teams with whom Anthony would consider signing, according to sources.

According to league sources, Anthony has talked to at least one high-profile person who lives in Chicago about what it's like to be famous in the Windy City.